PhonePe is likely to file for its IPO through the confidential route by the end of September, while it aims for listing by early 2026, Moneycontrol reported. The IPO may be sized at about ₹10,000–₹13,000 crore, valuing the company at around $10–$12 billion. Meanwhile, its promoter, Walmart, is unlikely to offload much stake in the upcoming IPO.